Core Viewpoint - Motorcycle exports possess three rare attributes: overseas sales potential is over ten times that of the domestic market; core markets are Europe and Latin America, while the U.S. market accounts for less than 1% of global capacity; domestic brands have undergone a qualitative leap in product strength over the past five years, with overseas market share currently below 5%, expected to accelerate from 1% to 10% [1][2]. Market Analysis - The global market for 250cc+ large displacement motorcycles is approximately 3.6 million units, with the overseas market space nearly ten times that of the domestic market. Domestic brands are focusing on Europe and Latin America [2]. - The European motorcycle market has a total size of about 1.84 million units, primarily consisting of large displacement models, with a penetration rate of nearly 60% for 250cc and above. The projected sales for 250cc+ large displacement motorcycles in 2024 is around 1.08 million units, with a preference for high-end models in the 600cc to 1000cc range [2]. - The Americas motorcycle market has an overall capacity of approximately 6.88 million units, with the U.S. market around 500,000 units, primarily focusing on super large displacement models. The Latin American market capacity reaches 6.26 million units, with a projected sales volume of about 500,000 units for 250cc+ models [3]. - The Asian motorcycle market has a total capacity of about 47.55 million units, with penetration rates for 250cc+ models at 8.6% in China and 25% in Japan. The total sales for 250cc+ models in Asia is estimated at 1.34 million units [3]. Company Insights - Changan Power has successfully adopted a "premium" strategy, rapidly gaining international recognition. The company has exported products to over 100 countries, with sales increasing from 8,000 units in 2020 to 126,000 units in 2024, reflecting a CAGR of 96.99% [4]. - Longxin General has achieved rapid growth, transitioning from "product export" to "brand export." The brand has gained recognition in the European market, with 76% of export revenue coming from Europe, and sales of the Longxin DS900X exceeding 10,000 units [4]. - Qianjiang Motorcycle, a veteran in the large displacement segment, has elevated its international strategy to a top priority, focusing on markets in Europe, Latin America, the Middle East, and Africa [5].

Core Insights - The motorcycle export market presents significant opportunities, with overseas sales potential being over ten times that of the domestic market, particularly targeting Europe and Latin America, while the U.S. market accounts for less than 1% of global capacity [1][2] Group 1: Market Overview - The global market for motorcycles with engine displacement over 250cc is approximately 3.6 million units, with a substantial opportunity for Chinese brands to increase their market share from less than 5% [1] - The European motorcycle market is about 1.84 million units, with a penetration rate of nearly 60% for 250cc+ models, indicating a strong preference for high-end models in the 600cc to 1000cc range [2] - The Americas motorcycle market has a total capacity of around 6.88 million units, with the U.S. market being approximately 500,000 units, while Latin America has a capacity of 6.26 million units, showing a demand for larger displacement motorcycles [3] Group 2: Company Performance - Chunfeng Power has successfully positioned itself in the international market, with exports increasing from 0.8 thousand units in 2020 to 12.6 thousand units in 2024, achieving a CAGR of 96.99% [4] - Longxin General has transitioned from "product export" to "brand export," with significant growth in both domestic and international revenues, particularly in the European market, where it accounts for 76% of export income [5] - Qianjiang Motorcycle, a veteran in the large-displacement segment, has elevated its international strategy to a top priority, focusing on markets in Europe, Latin America, the Middle East, and Africa [5]

Industry Rating - The industry rating is maintained as "Outperform" [1] Core Insights - The motorcycle export market has significant potential, with overseas sales space being over ten times that of the domestic market. The core markets are Europe and Latin America, while the U.S. market accounts for less than 1% of the global total capacity. Domestic brands have undergone a qualitative transformation in product strength over the past five years, with overseas market share currently below 5%, expected to accelerate from 1 to 10 [2][3] Summary by Sections Global Market Overview - The global motorcycle market has a total capacity of 61.8 million units, with 3.59 million units in the 250cc+ segment, resulting in a penetration rate of 5.8% [4][5] European Market - The European motorcycle market is approximately 1.84 million units, with a focus on high-capacity models. The 250cc+ segment is projected to reach 1.08 million units in 2024, with a penetration rate close to 60%. The market is currently dominated by Japanese and European brands, but Chinese brands are expected to gain market share due to competitive pricing and improved product quality [6][30][36] North American Market - The North American motorcycle market has a total capacity of about 6.88 million units, with approximately 500,000 units in the U.S. market, primarily favoring models over 600cc. The 250cc+ segment is estimated to account for 90% of the market, with limited participation from Chinese companies [6][30] Latin American Market - The Latin American motorcycle market has a capacity of 6.26 million units, with a significant demand for larger displacement motorcycles due to geographical and climatic factors. The 250cc+ segment is estimated to have a penetration rate of 8%, with projected sales of around 500,000 units [6][30] Asian Market - The Asian motorcycle market has a total capacity of 47.55 million units, with a 250cc+ penetration rate of 2.8%. The demand for larger displacement motorcycles is expected to grow, particularly in regions with a large motorcycle base [6][30] Domestic Brand Performance - The three listed companies, Chunfeng, Longxin, and Qianjiang, have a combined overseas market share of less than 5% in the 250cc+ segment. Their export volumes for 2024 are projected to be 6.7, 5.3, and 4.0 million units respectively, showing significant year-on-year growth [11][15][29] Competitive Landscape - The competitive landscape for 250cc+ motorcycles is characterized by rapid growth in exports, with domestic brands expected to increase their market share significantly. The current overseas market share for Chunfeng, Longxin, and Qianjiang is 2.08%, 1.65%, and 1.24% respectively, indicating substantial room for growth [15][29]